Informations Rapides · 24 November 2021 · n° 303
In November 2021, the French business climate and the employment climate have improved again Business indicator - November 2021

In November 2021, the business climate has improved again. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors of activity, has gained 2 points. At 114, it has exceeded its level of June 2021, already particularly high. It therefore remains significantly above the level prevailing before the health crisis (106) and, even more so, above its long-term average (100). This further improvement in the business climate results mainly from the increase in the balances of opinion concerning past activity and employment in services, and from the improvement in foreign order books in manufacturing.

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N^o 303

Paru le :Paru le24/11/2021

Prochaine parution le : 25/04/2024 at 08:45 - April 2024

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In November 2021, the business climate indicator in France goes up again
The employment climate keeps going up
Revisions
For further information

In November 2021, the business climate indicator in France goes up again

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2005-01	103.8
2005-02	104.2
2005-03	104.3
2005-04	103.4
2005-05	101.0
2005-06	101.9
2005-07	101.7
2005-08	101.6
2005-09	101.0
2005-10	103.8
2005-11	103.3
2005-12	104.9
2006-01	106.3
2006-02	103.9
2006-03	104.3
2006-04	104.7
2006-05	106.6
2006-06	106.3
2006-07	108.2
2006-08	108.8
2006-09	109.3
2006-10	109.4
2006-11	111.0
2006-12	109.6
2007-01	109.6
2007-02	111.3
2007-03	111.8
2007-04	112.4
2007-05	112.5
2007-06	113.5
2007-07	112.6
2007-08	111.6
2007-09	111.0
2007-10	109.7
2007-11	110.2
2007-12	110.0
2008-01	109.4
2008-02	108.3
2008-03	108.2
2008-04	106.1
2008-05	103.5
2008-06	100.4
2008-07	97.0
2008-08	95.5
2008-09	93.0
2008-10	84.1
2008-11	80.2
2008-12	77.5
2009-01	75.8
2009-02	74.2
2009-03	70.1
2009-04	71.9
2009-05	74.5
2009-06	77.9
2009-07	79.8
2009-08	83.0
2009-09	85.7
2009-10	88.4
2009-11	90.1
2009-12	90.3
2010-01	91.9
2010-02	92.5
2010-03	91.8
2010-04	95.6
2010-05	96.9
2010-06	96.4
2010-07	98.4
2010-08	100.4
2010-09	102.4
2010-10	104.2
2010-11	105.0
2010-12	106.6
2011-01	107.5
2011-02	108.7
2011-03	109.3
2011-04	108.6
2011-05	108.0
2011-06	107.7
2011-07	106.3
2011-08	101.6
2011-09	98.9
2011-10	97.9
2011-11	95.9
2011-12	95.0
2012-01	93.6
2012-02	93.5
2012-03	96.0
2012-04	97.5
2012-05	93.3
2012-06	92.2
2012-07	91.0
2012-08	90.0
2012-09	88.6
2012-10	86.9
2012-11	88.1
2012-12	88.8
2013-01	88.2
2013-02	88.3
2013-03	86.2
2013-04	84.7
2013-05	85.8
2013-06	87.1
2013-07	88.7
2013-08	92.0
2013-09	95.5
2013-10	95.4
2013-11	94.7
2013-12	94.3
2014-01	95.5
2014-02	95.1
2014-03	96.2
2014-04	96.1
2014-05	95.6
2014-06	95.0
2014-07	94.4
2014-08	92.9
2014-09	92.0
2014-10	91.9
2014-11	93.8
2014-12	94.0
2015-01	94.7
2015-02	95.8
2015-03	96.8
2015-04	98.2
2015-05	99.2
2015-06	100.5
2015-07	100.9
2015-08	102.6
2015-09	102.0
2015-10	102.8
2015-11	102.7
2015-12	101.5
2016-01	103.9
2016-02	102.8
2016-03	102.8
2016-04	102.3
2016-05	104.2
2016-06	102.9
2016-07	103.8
2016-08	103.5
2016-09	103.6
2016-10	103.8
2016-11	103.7
2016-12	106.1
2017-01	106.1
2017-02	106.7
2017-03	106.6
2017-04	107.1
2017-05	107.5
2017-06	108.6
2017-07	109.7
2017-08	110.4
2017-09	110.5
2017-10	110.4
2017-11	111.5
2017-12	112.7
2018-01	112.2
2018-02	111.3
2018-03	111.1
2018-04	110.5
2018-05	108.8
2018-06	108.4
2018-07	108.0
2018-08	107.4
2018-09	106.9
2018-10	105.9
2018-11	106.3
2018-12	103.2
2019-01	103.8
2019-02	104.3
2019-03	105.5
2019-04	106.3
2019-05	106.3
2019-06	106.0
2019-07	105.5
2019-08	105.4
2019-09	106.1
2019-10	106.0
2019-11	106.1
2019-12	105.8
2020-01	105.8
2020-02	105.6
2020-03	93.9
2020-04	47.9
2020-05	59.6
2020-06	83.8
2020-07	90.1
2020-08	93.6
2020-09	93.2
2020-10	90.0
2020-11	78.2
2020-12	92.3
2021-01	93.4
2021-02	90.9
2021-03	97.5
2021-04	95.6
2021-05	109.2
2021-06	113.5
2021-07	112.0
2021-08	109.9
2021-09	110.4
2021-10	112.4
2021-11	113.5

graphiqueFrench business climate composite indicator

In all main economic sectors, the business climate has improved a little and remains well above its long-term average.

In wholesale trade, the business climate has improved sharply compared to September 2021, due to the rebound in the balances of opinion regarding past sales and deliveries received from abroad.

In retail trade, the business climate has also gone up, mainly driven by the increase in the balance concerning ordering intentions.

In manufacturing, the business climate has improved again, benefiting from the increase in the balance on foreign order books. The business managers’ expectations concerning the future development in selling prices, already high, have increased sharply.

In the services sector, the business climate has continued to improve. This improvement is mainly driven by the increases in the balances of opinion regarding past and expected activity.

Finally, in building construction, the business climate remains very favourable, despite persistent supply constraints.

tableauBusiness and employment climates

Business and employment climates
	June 21	July 21	Aug. 21	Sept. 21	Oct. 21
Business climates
France	112	110	110	112	114
Manufacturing	109	110	107	107	109
Building construction	112	113	113	113	114
Services	111	109	110	113	114
Retail trade	114	109	106	107	109
Wholesale trade	113	-	109	-	114

Employment	107	108	106	110	112

Source: INSEE, Business tendency surveys

The employment climate keeps going up

The employment climate has improved again in November, following the sharp rebound of October. The indicator has gained 2 points and has reached 112. Well above its long-term average (100), it has reached its highest level since June 2011. This further improvement is mainly due to the increase in the balance of opinion concerning past employment in services, excluding temporary work agencies.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2005-01	102.1
2005-02	101.8
2005-03	104.3
2005-04	101.8
2005-05	102.5
2005-06	102.1
2005-07	102.6
2005-08	103.2
2005-09	103.6
2005-10	104.0
2005-11	103.8
2005-12	103.2
2006-01	104.1
2006-02	104.2
2006-03	104.7
2006-04	107.0
2006-05	108.1
2006-06	109.9
2006-07	109.7
2006-08	109.0
2006-09	108.0
2006-10	108.8
2006-11	110.4
2006-12	110.9
2007-01	109.4
2007-02	111.3
2007-03	111.2
2007-04	111.8
2007-05	113.3
2007-06	112.9
2007-07	111.1
2007-08	112.4
2007-09	113.1
2007-10	111.6
2007-11	113.1
2007-12	114.6
2008-01	113.9
2008-02	114.0
2008-03	112.5
2008-04	112.7
2008-05	108.4
2008-06	105.1
2008-07	105.4
2008-08	101.2
2008-09	99.9
2008-10	95.5
2008-11	88.4
2008-12	83.4
2009-01	81.1
2009-02	79.4
2009-03	74.0
2009-04	74.6
2009-05	73.7
2009-06	74.9
2009-07	78.5
2009-08	83.2
2009-09	82.6
2009-10	84.6
2009-11	86.9
2009-12	89.1
2010-01	90.4
2010-02	91.0
2010-03	93.5
2010-04	95.6
2010-05	97.7
2010-06	98.8
2010-07	99.3
2010-08	99.6
2010-09	101.4
2010-10	103.9
2010-11	105.1
2010-12	105.7
2011-01	104.7
2011-02	110.3
2011-03	109.7
2011-04	110.0
2011-05	111.4
2011-06	111.7
2011-07	109.9
2011-08	105.9
2011-09	103.9
2011-10	101.2
2011-11	101.1
2011-12	99.4
2012-01	98.4
2012-02	97.9
2012-03	99.5
2012-04	98.2
2012-05	95.8
2012-06	94.5
2012-07	93.2
2012-08	94.0
2012-09	91.5
2012-10	92.1
2012-11	90.6
2012-12	90.3
2013-01	93.0
2013-02	89.7
2013-03	88.9
2013-04	87.6
2013-05	87.3
2013-06	89.6
2013-07	91.0
2013-08	91.2
2013-09	93.0
2013-10	95.3
2013-11	93.8
2013-12	95.8
2014-01	95.9
2014-02	95.2
2014-03	95.9
2014-04	98.3
2014-05	97.4
2014-06	95.8
2014-07	96.4
2014-08	94.9
2014-09	95.1
2014-10	95.0
2014-11	95.0
2014-12	95.0
2015-01	94.3
2015-02	96.4
2015-03	96.1
2015-04	97.8
2015-05	97.8
2015-06	99.6
2015-07	100.0
2015-08	100.7
2015-09	100.6
2015-10	100.8
2015-11	102.1
2015-12	101.0
2016-01	102.3
2016-02	101.1
2016-03	100.3
2016-04	101.1
2016-05	102.6
2016-06	102.0
2016-07	104.1
2016-08	103.6
2016-09	104.6
2016-10	104.9
2016-11	105.0
2016-12	106.7
2017-01	105.4
2017-02	105.0
2017-03	107.8
2017-04	106.6
2017-05	107.5
2017-06	108.0
2017-07	107.9
2017-08	106.1
2017-09	107.0
2017-10	108.4
2017-11	108.3
2017-12	109.0
2018-01	109.7
2018-02	110.4
2018-03	110.5
2018-04	109.4
2018-05	109.6
2018-06	110.3
2018-07	108.6
2018-08	107.8
2018-09	107.5
2018-10	107.1
2018-11	105.2
2018-12	105.0
2019-01	105.5
2019-02	107.6
2019-03	108.1
2019-04	107.8
2019-05	105.9
2019-06	106.8
2019-07	106.3
2019-08	105.5
2019-09	106.3
2019-10	105.4
2019-11	106.2
2019-12	106.6
2020-01	105.4
2020-02	105.7
2020-03	97.8
2020-04	52.5
2020-05	56.0
2020-06	67.9
2020-07	76.7
2020-08	88.1
2020-09	92.7
2020-10	89.6
2020-11	85.4
2020-12	87.1
2021-01	88.7
2021-02	86.9
2021-03	93.3
2021-04	93.0
2021-05	100.5
2021-06	104.7
2021-07	107.4
2021-08	107.7
2021-09	105.7
2021-10	110.2
2021-11	112.3

graphiqueFrench employment climate composite indicator

Revisions

The French business climate, the business climate in services and the employment climate in October 2021 have been revised downwards by one point. These revisions are mainly explained by the inclusion of late responses from companies.

For further information

The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

Finally, since the definitive data of April 2020, the way of correcting non-response has been modified. The usual method was to fill in missing answers by carrying on past answers from non-responding companies. Results are now computed on the sole basis of responding units.

The responses to these surveys were collected between 28 October and 19 November 2021.

Next issue: 16 December 2021 at 08:45 am.